Student loans are provided by registered financial institutions such as banks. These loans are structured in such a way that, during the time you are studying, all that needs to be paid on a monthly basis is the interest accrued on the amount you have borrowed. Only once you have completed your studies and enter the working world will the capital and interest on your loan need to be repaid. The amount of R60, 000.00 has been used for illustrative purposes only and is not for a specific Varsity College programme. Interest rates, chosen deposits and monthly repayments will vary in accordance with different lending institutions’ policies and repayment terms.
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* The amount of R60, 000.00 has been used for illustrative purposes only and is not specific for any Varsity College programme. Interest rates and monthly repayments will vary in accordance with different lending institutions’ policies and repayment terms. For illustrative purposes we have not accounted for fee increases.
To qualify for a student loan, you will need to provide your bank with certain information, so that they can assess whether they are willing to grant the loan. The bank will insist that there is someone (normally a family member or a guardian) who will stand surety for the debt, and will also require proof that they have sufficient income to cover the monthly repayments. The interest rate that the bank offers may vary depending on the bank’s assessment of the surety.